Today's Current Affairs 7th January 2024

INTERNATIONAL

During the 7th Nepal-India Joint Commission Meeting, Nepal and India finalize an agreement

• External Affairs Minister S Jaishankar and Nepalese counterpart N P Saud inaugurate three cross-border transmission lines.
• A bilateral agreement is signed for Nepal to export 10,000 MW of power to India over the next 10 years. The agreement, signed at the 7th Nepal-India Joint Commission Meeting, reinforces the commitment to a long-term energy partnership.
• Discussions cover various aspects of bilateral ties, including trade, economic relations, connectivity projects, defence, security cooperation, and more. A Memorandum of Understanding for cooperation in renewable energy is signed, emphasizing a joint commitment to sustainable energy solutions.
• Nepal's Prime Minister hails the power export agreement as a breakthrough in the nation's power sector, ensuring energy security and sustainable development.
• External Affairs Minister Jaishankar highlights the comprehensive nature of discussions, covering land, rail, and air connectivity, defence, agriculture, power, water resources, disaster management, tourism, civil aviation, and cultural exchange.

NATIONAL

The Ministry of Education initiates the PRERANA program

• A transformative educational venture aimed at enhancing leadership qualities among students in classes IX to XII.
• Rooted in Indian values and NEP 2020, Prerana aims to empower students with leadership qualities.
• The week-long residential program in Vadnagar, Gujarat, focuses on nine core values, including courage, hard work, compassion, diversity, and innovation.
• Developed by IIT Gandhi Nagar, the curriculum promotes holistic development and embraces India's cultural heritage.
• Engaging activities include yoga, thematic workshops, historical site visits, and interactions with inspiring personalities.
• Students can register on the official portal for a chance to become empowered changemakers after the transformative experience.

 India, USAID MoU for Indian Railways' net-zero emission by 2030. 

• The Union Cabinet, chaired by Prime Minister Narendra Modi, approves the Memorandum of Understanding (MoU) between India and the United States Agency for International Development (USAID).
• The collaboration aims to assist Indian Railways in achieving 'net zero carbon emission' by the target year of 2030.
• The MoU, signed in June of the preceding year, focuses on utility modernization, advanced energy solutions, regional energy integration, private sector engagement, and training in technology areas like renewable energy and energy efficiency.
• The collaboration seeks to reduce Indian Railways' dependence on imported fuels like diesel and coal, promoting a robust energy efficiency policy aligned with global sustainability practices.
• Long-term energy planning is a key aspect, guiding Indian Railways toward adopting cleaner energy methods with a focus on technical support and planning for clean energy procurement.
• Collaborative initiatives include hosting events, conferences, and capacity-building programs to promote knowledge sharing and innovation in clean energy technologies.
• USAID/India's role is pivotal in supporting international development, contributing to economic growth, agriculture, trade, clean energy, global health, democracy, humanitarian aid, climate change, and conflict management.

 APPOINTMENS & RESIGNATIONS

SEBI appoints G Ram Mohan Rao as Executive Director for a 3-year term.

• SEBI appoints G Ram Mohan Rao as Executive Director for three years. Rao, with over 25 years at SEBI, will oversee investigation and internal inspection.
• Extensive background includes leadership roles in inspections, litigation, recovery, and investor awareness.
• Previously served as Regional Director for the Eastern Regional Office, showcasing versatile leadership.
• Educational background includes engineering, MBA, and Law degrees, with certification as a fraud examiner.
• Rao emphasizes investor protection, urging entities to safeguard clients and encouraging reporting mechanisms.

 IMPORTANT DAYS

Mahayana New Year, celebrated on January 7, marks a significant Buddhist observance.

• January 7 marks the celebration of Mahayana New Year for Buddhists globally. Mahayana, a significant branch of Buddhism, is predominantly observed in Northeast Asia, encompassing Tibet, Taiwan, Mongolia, China, Japan, Korea, and Taiwan. Unique customs and traditions characterize the practice of Mahayana Buddhism in each of these regions, contributing to the rich tapestry of Buddhist philosophy and ideology.

 AWARDS AND RECOGNITION

Indian Missions in Vancouver, New York, and Nicosia receive the One District One Product Award 

• ‘One District One Product’ is among the several initiatives of the Government of India in line with Prime Minister Modi’s vision of “Aatma Nirbhar Bharat”, a self-reliant India. The idea is to select, brand, and promote One Product from each District of the country, harnessing traditional strengths and technology for holistic development.
• The prestigious ODOP Awards were conferred upon Indian Districts, States and Indian Missions abroad by EAM Dr. S. Jaishankar and Commerce and Industry Minister Mr. Piyush Goyal on January 3 as part of the ‘Aatma Nirbhar Bharat Utsav’. The Awards aim to recognize and honor those who have demonstrated exceptional accomplishments in furthering economic development through the ODOP approach.
• Consulate General of India in New York was among the three Indian Missions to receive the prestigious ODOP Award 2023. It was declared the runners-up in the category of India’s Foreign Missions for its contribution in promoting ODOP items in the world.

Jain University and Odisha Mining Corporation excel in National Sports Awards 

• The Ministry of Youth Affairs & Sports discloses awardees for 'Rashtriya Khel Protsahan Puruskar' 2023, recognizing outstanding contributions to sports promotion and development. They will be honored by President Droupadi Murmu on January 9 at Rashtrapati Bhavan. 

• The ‘Rashtriya Khel Protsahan Puruskar’ is conferred upon corporate entities in both the private and public sectors, Sports Control Boards, NGOs, and sports bodies at the State and National levels that have played a visible role in promoting sports. 

• Applications for the awards were invited online, allowing sportspersons, coaches, and entities to self-apply through a dedicated online portal. 

• The ‘Rashtriya Khel Protsahan Puruskar’ is one of the six core awards that constitute India’s National Sports Awards, along with the Major Dhyan Chand Khel Ratna Award (Khel Ratna), Arjuna Award, Dronacharya Award, Major Dhyan Chand Award, and the Maulana Abul Kalam Azad Trophy (MAKA Trophy).

 BANKING AND ECONOMY

India's foreign exchange reserves witness a surge, reaching $623.2 billion

• In the week ending December 29, India's foreign exchange reserves experienced a substantial increase, rising by $2.759 billion and reaching a total of $623.2 billion, as reported by the Reserve Bank of India (RBI).
• Foreign Currency Assets (FCAs), a major contributor to reserves, grew by $1.869 billion, reaching $551.615 billion. FCAs are influenced by fluctuations in the value of non-US units like the euro, pound, and yen.
• Gold reserves recorded a significant rise of $853 million, totaling $48.328 billion, contributing to the overall strength of India’s reserve portfolio.
• Special Drawing Rights (SDRs) increased by $38 million, reaching $18.365 billion, while India’s reserve position with the International Monetary Fund (IMF) experienced a marginal decrease, down by $2 million to $4.892 billion.